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World Bank to quadruple Pacific funding

Tue 2 Apr 2013, 9:03 AM AEDT

The International Finance Corporation plans to quadruple its investment in the Pacific.

The IFC, the private sector arm of the World Bank, plans to increase its investment in the Pacific from US$250 million to $1 billion over the next three years and wants to inject the money into private sector initiatives to help improve the lives of people in the region.

International Finance Corporation Vice President, Karin Finkleston, told Radio Australia's Pacific Beat the IFC is looking at investment opportunities throughout the region.

The IFC is currently working with various organisations in partnership with the Papua New Guinean government's national electrification roll-out plan.